Founder & President
Diversity drives innovation—that point is no longer up for debate. Companies with diverse work forces are able to draw upon those unique experiences, perspectives, and backgrounds to champion and execute new ideas. This is most important in dynamic industries like tech, where change happens fast and affects the world even faster.
Why then, if different perspectives can help us accelerate toward a better future, do female-founded companies still struggle to gain traction in the global marketplace?
What Does the Data Say?
According to a new report from CrunchBase, the fundraising ratio of female-founded companies has been stagnant in eight of the past 10 years, raising only 2–3% of overall venture capital. Another alarming trend suggests that female founders often raise less money than their male counterparts.
But there is good news as well:
- Of global startups that successfully raised their first round of funding, 20% had a female founder in 2019, up from 10% in 2009.
- In 2019, $26.6 billion was invested in companies with at least one female founder, which was more than eight times the amount seen in 2010.
- The average seed for female founders rose from $350,000 in 2010 to $1.2 million in 2019, which closes the gap with male founders, who started the decade at $650,000 and ended it at $1.35 million.
Perhaps the most interesting statistics surround female-founded “unicorns”—another name for private startups with $1 billion in funding, which often comes from crowd sourcing sites like GoFundMe or Kickstarter. Among these unicorns, 21 were founded by women in 2019, up from just five in 2016.
Director of NetSuite Practices
The Power of Female Leaders
Why is it so important that we find more women in tech leadership roles? Just look at the advancements brought on by industry leaders such as Oracle NetSuite, a company recognized for its diversity initiatives. Thought leaders like Nicky Tozer, EMEA Vice President at NetSuite, have done plenty to foster more diverse workplaces in this historically male-dominated industry by serving as mentors and role models.
At Amzur Technologies, new Director of NetSuite Practices Donna King brings a history of working with nonprofit organizations, strengthening the company’s already diverse leadership team, and President Rani Nemani works hard every day to ensure women have a seat at the technology table.
But there’s more work to be done. Overall, women still make up less than a quarter of the science, technology, engineering, and mathematics (STEM) workforce in the U.S. How can we change this? How can you make a difference?
We must change our culture. Follow Nicky Tozer and Rani Nemani and act as a mentor. Follow Donna King and volunteer for nonprofits like Daughters of the American Revolution, which promotes scholarships for underprivileged kids. When a woman in your life shows an interest in math or science, encourage them. Enable them. Empower them to take the next steps.
Only by adjusting how we as a society think about women in science can we enact real change.